Moscow warns of market 'collapse' without Russian oil and gas

Russian Deputy Prime Minister Alexander Novak warned Wednesday that a ban on Russian oil and gas imports would drive the world's energy markets to a "collapse".

He said the European Union, which is experiencing "a rise in prices and a shortage of energy resources", halted the Nord Stream 2 gas pipeline under pressure from Washington.

He said the price of gas has at certain points reached $4,000 per 1,000 cubic metres and this is "not the limit".

Last winter, gas prices in Europe soared, with critics accusing Moscow of orchestrating a gas shortage in order to push ahead its Nord Stream 2 pipeline.

Germany has since suspended the controversial pipeline in response to Russia's military actions in Ukraine.

Novak called the ban "absolutely absurd" and said European consumers will face "greater price increases".